{"id":2485,"date":"2024-03-19T12:58:12","date_gmt":"2024-03-19T12:58:12","guid":{"rendered":"https:\/\/tandaomedia.co.ke\/?p=2485"},"modified":"2024-03-19T12:58:19","modified_gmt":"2024-03-19T12:58:19","slug":"adapting-the-new-ifrs-standards","status":"publish","type":"post","link":"https:\/\/tandaomedia.co.ke\/index.php\/2024\/03\/19\/adapting-the-new-ifrs-standards\/","title":{"rendered":"Adapting the new IFRS standards"},"content":{"rendered":"\n<p>BRIAN MANG&#8217;OLI<\/p>\n\n\n\n<p>The implementation of the IFRS standards is expected to contribute to the promotion of consistency and comparability of sustainability-related disclosures across organizations. This will enhance the effectiveness of data analysis and benchmarking, enabling stakeholders to make informed decisions concerning investment opportunities and risk management strategies.<\/p>\n\n\n<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"540\" src=\"https:\/\/tandaomedia.co.ke\/wp-content\/uploads\/2024\/03\/image-59.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/tandaomedia.co.ke\/wp-content\/uploads\/2024\/03\/image-59.png 720w, https:\/\/tandaomedia.co.ke\/wp-content\/uploads\/2024\/03\/image-59-300x225.png 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/figure>\n\n\n<p>Kenya&#8217;s dynamic business landscape is currently facing a crucial moment in its financial sector as the country adopts new international financial reporting standards. The Institute of Certified Public Accountants of Kenya (ICPAK) has been organizing capacity-building events to assess the country&#8217;s potential in adopting the new standards developed by the International Sustainability Standards Board.<\/p>\n\n\n\n<p>Sustainability is more than just a compliance requirement, it is a strategic necessity that promotes resilience, creativity, and value creation. IFRS 1 deals with disclosures on sustainability-related risks, while IFRS 2 requires firms to make disclosures on climate change.<\/p>\n\n\n\n<p>The implementation of improved disclosure standards on climate-related risks and opportunities is crucial in boosting trust and confidence in a farm&#8217;s sustainability reporting.<\/p>\n\n\n\n<p>Both reporting standards are critical for unlocking capital flows for farms, particularly in Africa, which is currently experiencing the detrimental effects of climate-related risks<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BRIAN MANG&#8217;OLI The implementation of the IFRS standards is expected to contribute to the promotion of consistency and<\/p>\n","protected":false},"author":3,"featured_media":2486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[15],"tags":[],"class_list":["post-2485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - 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